Attorney's Note

Under the Michigan Laws, punishments for crimes depend on the classification. In the case of this section:
ClassPrisonFine
Fup to 4 years
For details, see Mich. Comp. Laws ch. 777 pt. 2

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Michigan Laws 388.1937

  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Qualified loan: means a loan made under this act or former 1961 PA 108 from this state to a school district to pay debt service on a qualified bond. See Michigan Laws 388.1923
    A person who knowingly makes a false statement or conceals material information for the purpose of obtaining qualification of a bond issue under this act or for the purpose of obtaining a qualified loan under this act, or who knowingly uses all or part of the proceeds of a qualified loan obtained under this act for any purpose not authorized by this act, is guilty of a felony punishable by imprisonment for not more than 4 years or a fine of not more than $5,000.00, or both.